Bitcoin
Since its launch in May, it has merged over $100,000. The price fell below $100,000 on June 22nd. This was a weekend of growing tensions between Iran and the US
However, because Crypto is the only industry that is constantly traded due to low volumes usually over the weekend, price action often becomes less reliable during these periods.
In addition to the availability of exchange trade funds in the US, as well as the ongoing debate about public companies that are acquiring Bitcoin globally, investors wonder whether Bitcoin has yet to reach a new all-time high of over $112,000.
On-chain data, specifically the breakdown of supply that has revived, shows that supply collapse due to age is high in levels of Bitcoin sold by investors who have held coins for a minimum of three years, and sometimes more than a decade.
Analyst checkmate provided this data and commented, “Look at all this price suppression being sold by market manipulators who acquired coins over three years ago and have not sold for profit in bull markets… many papers.”
This means that every buyer has a seller, and the higher the price in bull markets, the more likely the market is that the seller is willing to offload its holdings.
Checkmate added, “Always cut sideways. Restraint == boring.” Bitcoin has been integrated for some time, so this is usually where the narrative of market suppression gains traction. However, the data show that sustained sales pressure continues rather than intentional restraint.
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